Graco (GGG) 10-Q 21 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 26, 2021	Apr. 14, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 26, 2021
Document Transition Report	false
Entity File Number	001-09249
Entity Registrant Name	GRACO INC.
Entity Incorporation, State	MN
Entity Tax Identification Number	41-0285640
Entity Address, Address Description	88 - 11th Avenue N.E.
Entity Address, City or Town	Minneapolis,
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55413
City Area Code	(612)
Local Phone Number	623-6000
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	GGG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		169,435,068
Amendment Flag	false
Entity Central Index Key	0000042888
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Income Statement [Abstract]
Revenues	$ 454,129	$ 373,567
Cost of Goods and Services Sold	206,795	174,936
Gross Profit	247,334	198,631
Product development	19,571	17,081
Selling, marketing and distribution	62,228	57,388
General and administrative	37,249	34,350
Operating Earnings	128,286	89,812
Interest expense	2,428	2,486
Other expense, net	121	5,223
Earnings Before Income Taxes	125,737	82,103
Income taxes	20,050	9,285
Net Earnings	$ 105,687	$ 72,818
Basic earnings per share	$ 0.63	$ 0.43
Diluted earnings per share	$ 0.61	$ 0.42

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 105,687	$ 72,818
Components of other comprehensive income (loss)
Cumulative translation adjustment	(10,470)	(4,677)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax	3,308	2,749
Pension and postretirement medical liability adjustment	(672)	(615)
Other comprehensive income (loss)	(7,834)	(2,543)
Comprehensive Income	$ 97,853	$ 70,275

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 26, 2021	Dec. 25, 2020
Current Assets
Cash and cash equivalents	$ 460,616	$ 378,909
Accounts receivable, less allowances of $5,000 and $4,400	323,197	314,946
Inventories	311,645	285,704
Other current assets	31,928	44,242
Total current assets	1,127,386	1,023,801
Property, Plant and Equipment
Property, Plant and Equipment, net	360,370	350,750
Goodwill	343,010	347,603
Other Intangible Assets, net	152,792	160,669
Operating Lease, Right-of-Use Asset	37,164	37,807
Deferred Income Tax Assets, Net	22,902	25,828
Other Assets	44,096	41,670
Total Assets	2,087,720	1,988,128
Current Liabilities
Notes payable to banks	31,661	22,183
Trade accounts payable	66,242	58,305
Salaries and incentives	45,246	52,005
Dividends payable	31,718	31,636
Other current liabilities	148,653	157,260
Total current liabilities	323,520	321,389
Long-term Debt	150,000	150,000
Retirement Benefits and Deferred Compensation	183,576	184,747
Operating Lease, Liability, Noncurrent	30,020	29,224
Deferred Income Tax Liabilities, Net	9,502	10,264
Other Non-current Liabilities	8,600	8,600
Shareholders’ Equity
Common stock	169,413	168,568
Additional paid-in-capital	702,829	671,206
Retained earnings	642,259	568,295
Accumulated other comprehensive income (loss)	(131,999)	(124,165)
Total shareholders’ equity	1,382,502	1,283,904
Total Liabilities and Shareholders’ Equity	$ 2,087,720	$ 1,988,128

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 26, 2021	Dec. 25, 2020
Statement of Financial Position [Abstract]
Allowance for Credits	$ 5	$ 4.4

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Net Earnings	$ 105,687	$ 72,818
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	14,515	13,062
Deferred income taxes	1,842	(65)
Share-based compensation	6,618	6,318
Change in
Accounts receivable	(10,611)	(10,139)
Inventories	(27,541)	(17,726)
Trade accounts payable	9,323	5,185
Salaries and incentives	(6,949)	(20,182)
Retirement benefits and deferred compensation	2,867	3,172
Other accrued liabilities	4,493	1,441
Other	1,425	349
Net cash provided by operating activities	101,669	54,233
Cash Flows From Investing Activities
Property, plant and equipment additions	(21,415)	(18,944)
Other	(34)	(256)
Net cash used in investing activities	(21,449)	(19,200)
Cash Flows From Financing Activities
Borrowings (payments) on short-term lines of credit, net	9,667	24,576
Borrowings on long-term lines of credit	0	250,000
Payments of Debt Issuance Costs	1,404	0
Common stock issued	26,460	38,882
Common stock repurchased	0	(82,176)
Payment, Tax Withholding, Share-based Payment Arrangement	0	1,796
Cash dividends paid	(31,642)	(29,333)
Net cash provided by financing activities	3,081	200,153
Effect of exchange rate changes on cash	(1,594)	497
Net increase (decrease) in cash and cash equivalents	81,707	235,683
Cash and Cash Equivalents
Beginning of year	378,909	220,973
End of period	$ 460,616	$ 456,656

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,024,931	$ 167,287	$ 578,440	$ 448,991	$ (169,787)
Shares issued	37,087	1,620	35,467	0	0
Stock Repurchased During Period, Value	(90,029)	2,067	7,143	80,819	0
Stock compensation cost	5,934	0	5,934	0	0
Net Earnings	72,818	0	0	72,818	0
Dividends, Common Stock, Cash	(29,540)	0	0	(29,540)	0
Other comprehensive income (loss)	(2,543)	0	0	0	(2,543)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,018,658	166,840	612,698	411,450	(172,330)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,283,904	168,568	671,206	568,295	(124,165)
Shares issued	26,460	845	25,615	0	0
Stock compensation cost	6,008	0	6,008	0	0
Net Earnings	105,687	0	0	105,687	0
Dividends, Common Stock, Cash	(31,723)	0	0	(31,723)	0
Other comprehensive income (loss)	(7,834)	0	0	0	(7,834)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,382,502	$ 169,413	$ 702,829	$ 642,259	$ (131,999)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) Consolidated Statements of Shareholders' Equity (Unaudited) Parenthetical - $ / shares	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.188	$ 0.175

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated balance sheet of Graco Inc. and Subsidiaries (the “Company”) as of March 26, 2021 and the related statements of earnings, comprehensive income and shareholders' equity for the three months ended March 26, 2021 and March 27, 2020, and cash flows for the three months ended March 26, 2021 and March 27, 2020 have been prepared by the Company and have not been audited. In the opinion of management, these consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of March 26, 2021, and the results of operations and cash flows for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Therefore, these statements should be read in conjunction with the financial statements and notes thereto included in the Company’s 2020 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of results that will be realized for the full fiscal year.

Segment Information

Segment Information	3 Months Ended
	Mar. 26, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: Industrial, Process and Contractor. Sales and operating earnings by segment were as follows (in thousands): Three Months Ended March 26, March 27, Net Sales Industrial $ 184,732 $ 158,684 Process 91,373 86,078 Contractor 178,024 128,805 Total $ 454,129 $ 373,567 Operating Earnings Industrial $ 65,243 $ 50,233 Process 21,733 18,111 Contractor 48,166 28,630 Unallocated corporate (expense) (6,856) (7,162) Total $ 128,286 $ 89,812 Assets by segment were as follows (in thousands): March 26, December 25, Industrial $ 626,256 $ 632,165 Process 411,804 404,370 Contractor 459,715 438,067 Unallocated corporate 589,945 513,526 Total $ 2,087,720 $ 1,988,128 Geographic information follows (in thousands): Three Months Ended March 26, March 27, Net Sales (based on customer location) United States $ 231,501 $ 198,243 Other countries 222,628 175,324 Total $ 454,129 $ 373,567 March 26, December 25, Long-lived Assets United States $ 312,836 $ 301,643 Other countries 47,534 49,107 Total $ 360,370 $ 350,750

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 26, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 26, March 27, Net earnings available to common shareholders $ 105,687 $ 72,818 Weighted average shares outstanding for basic earnings per share 168,948 167,977 Dilutive effect of stock options computed using the treasury stock method and the average market price 4,900 4,665 Weighted average shares outstanding for diluted earnings per share 173,848 172,642 Basic earnings per share $ 0.63 $ 0.43 Diluted earnings per share $ 0.61 $ 0.42 Stock options to purchase 700,000 and 2,014,000 shares were not included in the March 26, 2021 and March 27, 2020 computations of diluted earnings per share, respectively, because they would have been anti-dilutive.

Share-Based Awards

Share-Based Awards	3 Months Ended
	Mar. 26, 2021
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Share-Based Awards	Share-Based Awards Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices): Option Weighted Average Options Weighted Average Outstanding, December 25, 2020 10,208 $ 35.02 6,553 $ 28.02 Granted 700 71.92 Exercised (448) 21.91 Canceled (4) 47.54 Outstanding, March 26, 2021 10,456 $ 38.05 7,334 $ 30.92 The Company recognized year-to-date share-based compensation of $6.6 million in 2021 and $6.3 million in 2020. As of March 26, 2021, there was $19.8 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of 2.2 years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions and results: Three Months Ended March 26, March 27, Expected life in years 7.5 7.5 Interest rate 0.9 % 1.5 % Volatility 25.2 % 21.7 % Dividend yield 1.0 % 1.2 % Weighted average fair value per share $ 17.66 $ 12.44 Under the Company’s Employee Stock Purchase Plan, the Company issued 310,000 shares in 2021 and 400,000 shares in 2020. The fair value of the employees’ purchase rights under this Plan was estimated on the date of grant. The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option-pricing model with the following assumptions and results: Three Months Ended March 26, March 27, Expected life in years 1.0 1.0 Interest rate 0.1 % 1.5 % Volatility 40.1 % 21.9 % Dividend yield 1.1 % 1.4 % Weighted average fair value per share $ 21.50 $ 11.55

Retirement Benefits

Retirement Benefits	3 Months Ended
	Mar. 26, 2021
Defined Benefit Plan [Abstract]
Retirement Benefits	Retirement Benefits The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands): Three Months Ended March 26, March 27, Pension Benefits Service cost $ 2,721 $ 2,422 Interest cost 2,981 3,407 Expected return on assets (5,130) (4,750) Amortization and other 2,551 2,721 Net periodic benefit cost $ 3,123 $ 3,800 Postretirement Medical Service cost $ 175 $ 175 Interest cost 250 248 Amortization 250 177 Net periodic benefit cost $ 675 $ 600

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 26, 2021
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands): Pension and Cumulative Total Three Months Ended March 26, 2021 Balance, December 25, 2020 $ (114,129) $ (10,036) $ (124,165) Other comprehensive income (loss) before reclassifications — (10,470) (10,470) Reclassified to pension cost and deferred tax 2,636 — 2,636 Balance, March 26, 2021 $ (111,493) $ (20,506) $ (131,999) Three Months Ended March 27, 2020 Balance, December 27, 2019 $ (113,721) $ (56,066) $ (169,787) Other comprehensive income (loss) before reclassifications — (4,677) (4,677) Reclassified to pension cost and deferred tax 2,134 — 2,134 Balance, March 27, 2020 $ (111,587) $ (60,743) $ (172,330)

Receivables and Credit Losses

Receivables and Credit Losses	3 Months Ended
	Mar. 26, 2021
Credit Loss [Abstract]
Credit Loss, Financial Instrument	Receivables and Credit Losses Accounts receivable includes trade receivables of $306 million and other receivables of $17 million as of March 26, 2021 and $302 million and $13 million, respectively, as of December 25, 2020. Allowance for Credit Losses Following is a summary of activity in the allowance for credit losses (in thousands): Three Months Ended March 26, 2021 December 25, 2020 Balance, beginning $ 3,745 $ 4,025 Additions (reversals) charged to costs and expenses 158 309 Deductions from reserves (1) (104) (1,485) Other additions (deductions) (2) (75) 896 Balance, ending $ 3,724 $ 3,745 (1) Represents amounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. (2) Includes amounts assumed or established in connection with acquisitions and effects of foreign currency translation.

Inventories

Inventories	3 Months Ended
	Mar. 26, 2021
Inventory, Net [Abstract]
Inventories	Inventories Major components of inventories were as follows (in thousands): March 26, December 25, Finished products and components $ 149,906 $ 133,122 Products and components in various stages of completion 86,801 83,791 Raw materials and purchased components 136,969 129,319 Subtotal 373,676 346,232 Reduction to LIFO cost (62,031) (60,528) Total $ 311,645 $ 285,704

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Components of other intangible assets were (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of March 26, 2021 Cost $ 186,073 $ 25,364 $ 900 $ 61,920 $ 274,257 Accumulated amortization (97,426) (13,603) (338) — (111,367) Foreign currency translation (7,625) (661) — (1,812) (10,098) Book value $ 81,022 $ 11,100 $ 562 $ 60,108 $ 152,792 Weighted average life in years 13 10 5 N/A As of December 25, 2020 Cost $ 186,073 $ 25,187 $ 900 $ 61,920 $ 274,080 Accumulated amortization (93,832) (12,924) (301) — (107,057) Foreign currency translation (6,004) (538) — 188 (6,354) Book value $ 86,237 $ 11,725 $ 599 $ 62,108 $ 160,669 Weighted average life in years 13 10 5 N/A Amortization of intangibles for the quarter was $4.3 million in 2021 and $4.1 million in 2020. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): 2021 (Remainder) 2022 2023 2024 2025 Thereafter Estimated Amortization Expense $ 12,679 $ 16,796 $ 15,920 $ 14,245 $ 13,796 $ 19,248 Changes in the carrying amount of goodwill for each reportable segment were (in thousands): Industrial Process Contractor Total Balance, December 25, 2020 $ 186,536 $ 141,513 $ 19,554 $ 347,603 Foreign currency translation (4,727) 134 — (4,593) Balance, March 26, 2021 $ 181,809 $ 141,647 $ 19,554 $ 343,010 Subsequent to the end of the first quarter, the Company completed the acquisition of a business that is not material to the consolidated financial statements.

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 26, 2021
Accrued Liabilities, Current [Abstract]
Other Current Liabilities	Other Current Liabilities Components of other current liabilities were (in thousands): March 26, December 25, Accrued self-insurance retentions $ 9,407 $ 8,041 Accrued warranty and service liabilities 13,426 13,082 Accrued trade promotions 9,419 12,140 Payable for employee stock purchases 3,001 14,554 Customer advances and deferred revenue 45,200 41,689 Income taxes payable 6,926 8,564 Right of return refund liability 16,630 16,303 Operating lease liabilities, current 9,353 11,178 Other 35,291 31,709 Total $ 148,653 $ 157,260 A liability is established for estimated future warranty and service claims that relate to current and prior period sales. The Company estimates warranty costs based on historical claim experience and other factors including evaluating specific product warranty issues. Following is a summary of activity in accrued warranty and service liabilities (in thousands): Balance, December 25, 2020 $ 13,082 Charged to expense 2,701 Margin on parts sales reversed 835 Reductions for claims settled (3,192) Balance, March 26, 2021 $ 13,426 Deferred Revenue Revenue is deferred when cash payments are received or due in advance of performance, including amounts which are refundable. This is also the case for services associated with certain product sales. The balance in the deferred revenue and customer advances was $45.2 million as of March 26, 2021 and $41.7 million as of December 25, 2020. Net sales for the year to date included $17.5 million in 2021 and $11.3 million in 2020 that related to deferred revenue as of the beginning of each period.

Debt (Notes)

Debt (Notes)	3 Months Ended
	Mar. 26, 2021
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Debt On March 25, 2021, the Company entered into an Amended and Restated Credit Agreement that amends, supersedes and restates in its entirety its prior Credit Agreement with U.S. Bank National Association, as administrative agent (the “Agent”) and a lender, and the other lenders that are parties thereto. The Amended and Restated Credit Agreement extends the maturity of the Company’s $500 million unsecured revolving credit facility from December 15, 2021 to March 25, 2026; includes a $250 million accordion feature; and provides mechanisms for two further one-year extensions of the maturity, subject to the consent of the extending banks. Borrowings under the Amended and Restated Credit Agreement may be denominated in U.S. Dollars or certain other currencies. Outstanding loans in currencies other than U.S. Dollars cannot exceed $200 million in the aggregate. Loans denominated in U.S. Dollars may bear interest, at the Company’s option, at either a base rate or a LIBOR-based rate. Loans denominated in currencies other than U.S. Dollars will bear interest at a LIBOR-based rate. The base rate is an annual rate equal to a margin ranging from 0.00% to 0.75%, depending on the Company’s cash flow leverage ratio, plus the highest of (i) the rate of interest from time to time announced by the Agent as its prime rate, (ii) the federal funds effective rate plus 0.50%, or (iii) one-month LIBOR plus 1.50%. In general, LIBOR-based loans bear interest at a rate per annum equal to LIBOR, plus a margin ranging from 1.00% to 1.75%, depending on the Company’s cash flow leverage ratio. In addition to paying interest on the outstanding loans, the Company is required to pay a facility fee on the unused amount of the loan commitments at a rate per annum ranging from 0.125% to 0.25%, depending on the Company’s cash flow leverage ratio. The Amended and Restated Credit Agreement contains customary provisions for the replacement of the LIBOR-based rate as that rate is phased out in the lending market. The Amended and Restated Credit Agreement contains customary representations, warranties, covenants and events of default, including but not limited to covenants restricting the Company’s and its subsidiaries’ ability to (i) merge or consolidate with another entity, (ii) sell, transfer, lease or convey their assets, (iii) make any material change in the nature of the core business of the Company, (iv) make certain investments, or (v) incur secured indebtedness. The Credit Agreement also requires the Company to maintain a cash flow leverage ratio of not more than 3.50 to 1.00 (unless a significant acquisition has been consummated, in which case, not more than 4.00 to 1.00 during the four fiscal quarter period beginning with the quarter in which such acquisition occurs) and an interest coverage ratio of not less than 3.00 to 1.00 (unless a significant acquisition has been consummated, in which case, not less than 2.50 to 1.00 during the four fiscal quarter period beginning with the quarter in which such acquisition occurs). A change in control of the Company will constitute an event of default under the Credit Agreement.

Fair Value

Fair Value	3 Months Ended
	Mar. 26, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): Level March 26, December 25, Assets Cash surrender value of life insurance 2 $ 21,238 $ 19,887 Forward exchange contracts 2 164 16 Total assets at fair value $ 21,402 $ 19,903 Liabilities Contingent consideration 3 $ 9,913 $ 9,454 Deferred compensation 2 5,348 5,099 Total liabilities at fair value $ 15,261 $ 14,553 Contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans are held in trust. Cash surrender value of the contracts is based on performance measurement funds that shadow the deferral investment allocations made by participants in certain deferred compensation plans. The deferred compensation liability balances are valued based on amounts allocated by participants to the underlying performance measurement funds. Contingent consideration liability represents the estimated value (using a probability-weighted expected return approach) of future payments to be made to previous owners of certain acquired businesses based on future revenues. Long-term notes payable with fixed interest rates had a carrying amount of $150 million and estimated fair value of $165 million and $170 million as of March 26, 2021 and December 25, 2020. The fair value of variable rate borrowings approximates carrying value. The Company uses significant other observable inputs to estimate fair value (level 2 of the fair value hierarchy) based on the present value of future cash flows and rates that would be available for issuance of debt with similar terms and remaining maturities.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 26, 2021
Segment Reporting [Abstract]
Segment Reporting - Operations and Assets	Sales and operating earnings by segment were as follows (in thousands): Three Months Ended March 26, March 27, Net Sales Industrial $ 184,732 $ 158,684 Process 91,373 86,078 Contractor 178,024 128,805 Total $ 454,129 $ 373,567 Operating Earnings Industrial $ 65,243 $ 50,233 Process 21,733 18,111 Contractor 48,166 28,630 Unallocated corporate (expense) (6,856) (7,162) Total $ 128,286 $ 89,812 Assets by segment were as follows (in thousands): March 26, December 25, Industrial $ 626,256 $ 632,165 Process 411,804 404,370 Contractor 459,715 438,067 Unallocated corporate 589,945 513,526 Total $ 2,087,720 $ 1,988,128
Segment Reporting - Geographic	Geographic information follows (in thousands): Three Months Ended March 26, March 27, Net Sales (based on customer location) United States $ 231,501 $ 198,243 Other countries 222,628 175,324 Total $ 454,129 $ 373,567 March 26, December 25, Long-lived Assets United States $ 312,836 $ 301,643 Other countries 47,534 49,107 Total $ 360,370 $ 350,750

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 26, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 26, March 27, Net earnings available to common shareholders $ 105,687 $ 72,818 Weighted average shares outstanding for basic earnings per share 168,948 167,977 Dilutive effect of stock options computed using the treasury stock method and the average market price 4,900 4,665 Weighted average shares outstanding for diluted earnings per share 173,848 172,642 Basic earnings per share $ 0.63 $ 0.43 Diluted earnings per share $ 0.61 $ 0.42

Share-Based Awards (Tables)

Share-Based Awards (Tables)	3 Months Ended
	Mar. 26, 2021
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Options Activity and Outstanding	Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices): Option Weighted Average Options Weighted Average Outstanding, December 25, 2020 10,208 $ 35.02 6,553 $ 28.02 Granted 700 71.92 Exercised (448) 21.91 Canceled (4) 47.54 Outstanding, March 26, 2021 10,456 $ 38.05 7,334 $ 30.92
Options Fair Value Inputs	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions and results: Three Months Ended March 26, March 27, Expected life in years 7.5 7.5 Interest rate 0.9 % 1.5 % Volatility 25.2 % 21.7 % Dividend yield 1.0 % 1.2 % Weighted average fair value per share $ 17.66 $ 12.44
ESPP Fair Value Inputs	The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option-pricing model with the following assumptions and results: Three Months Ended March 26, March 27, Expected life in years 1.0 1.0 Interest rate 0.1 % 1.5 % Volatility 40.1 % 21.9 % Dividend yield 1.1 % 1.4 % Weighted average fair value per share $ 21.50 $ 11.55

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Mar. 26, 2021
Defined Benefit Plan [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands): Three Months Ended March 26, March 27, Pension Benefits Service cost $ 2,721 $ 2,422 Interest cost 2,981 3,407 Expected return on assets (5,130) (4,750) Amortization and other 2,551 2,721 Net periodic benefit cost $ 3,123 $ 3,800 Postretirement Medical Service cost $ 175 $ 175 Interest cost 250 248 Amortization 250 177 Net periodic benefit cost $ 675 $ 600

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 26, 2021
Stockholders' Equity Note [Abstract]
Changes in AOCI	Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands): Pension and Cumulative Total Three Months Ended March 26, 2021 Balance, December 25, 2020 $ (114,129) $ (10,036) $ (124,165) Other comprehensive income (loss) before reclassifications — (10,470) (10,470) Reclassified to pension cost and deferred tax 2,636 — 2,636 Balance, March 26, 2021 $ (111,493) $ (20,506) $ (131,999) Three Months Ended March 27, 2020 Balance, December 27, 2019 $ (113,721) $ (56,066) $ (169,787) Other comprehensive income (loss) before reclassifications — (4,677) (4,677) Reclassified to pension cost and deferred tax 2,134 — 2,134 Balance, March 27, 2020 $ (111,587) $ (60,743) $ (172,330)

Credit Losses (Tables)

Credit Losses (Tables)	3 Months Ended
	Mar. 26, 2021
Allowance for Credit Loss, Current and Noncurrent [Abstract]
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Following is a summary of activity in the allowance for credit losses (in thousands): Three Months Ended March 26, 2021 December 25, 2020 Balance, beginning $ 3,745 $ 4,025 Additions (reversals) charged to costs and expenses 158 309 Deductions from reserves (1) (104) (1,485) Other additions (deductions) (2) (75) 896 Balance, ending $ 3,724 $ 3,745

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 26, 2021
Inventory, Net [Abstract]
Components of Inventories	Major components of inventories were as follows (in thousands): March 26, December 25, Finished products and components $ 149,906 $ 133,122 Products and components in various stages of completion 86,801 83,791 Raw materials and purchased components 136,969 129,319 Subtotal 373,676 346,232 Reduction to LIFO cost (62,031) (60,528) Total $ 311,645 $ 285,704

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	Components of other intangible assets were (dollars in thousands): Finite Life Indefinite Life Customer Patents and Trademarks, Trade Total As of March 26, 2021 Cost $ 186,073 $ 25,364 $ 900 $ 61,920 $ 274,257 Accumulated amortization (97,426) (13,603) (338) — (111,367) Foreign currency translation (7,625) (661) — (1,812) (10,098) Book value $ 81,022 $ 11,100 $ 562 $ 60,108 $ 152,792 Weighted average life in years 13 10 5 N/A As of December 25, 2020 Cost $ 186,073 $ 25,187 $ 900 $ 61,920 $ 274,080 Accumulated amortization (93,832) (12,924) (301) — (107,057) Foreign currency translation (6,004) (538) — 188 (6,354) Book value $ 86,237 $ 11,725 $ 599 $ 62,108 $ 160,669 Weighted average life in years 13 10 5 N/A
Future Amortization Expense	Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): 2021 (Remainder) 2022 2023 2024 2025 Thereafter Estimated Amortization Expense $ 12,679 $ 16,796 $ 15,920 $ 14,245 $ 13,796 $ 19,248
Goodwill Rollforward	Changes in the carrying amount of goodwill for each reportable segment were (in thousands): Industrial Process Contractor Total Balance, December 25, 2020 $ 186,536 $ 141,513 $ 19,554 $ 347,603 Foreign currency translation (4,727) 134 — (4,593) Balance, March 26, 2021 $ 181,809 $ 141,647 $ 19,554 $ 343,010

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 26, 2021
Accrued Liabilities, Current [Abstract]
Components of Other Current Liabilities	Components of other current liabilities were (in thousands): March 26, December 25, Accrued self-insurance retentions $ 9,407 $ 8,041 Accrued warranty and service liabilities 13,426 13,082 Accrued trade promotions 9,419 12,140 Payable for employee stock purchases 3,001 14,554 Customer advances and deferred revenue 45,200 41,689 Income taxes payable 6,926 8,564 Right of return refund liability 16,630 16,303 Operating lease liabilities, current 9,353 11,178 Other 35,291 31,709 Total $ 148,653 $ 157,260
Accrued Warranty Activity	Following is a summary of activity in accrued warranty and service liabilities (in thousands): Balance, December 25, 2020 $ 13,082 Charged to expense 2,701 Margin on parts sales reversed 835 Reductions for claims settled (3,192) Balance, March 26, 2021 $ 13,426

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 26, 2021
Fair Value Disclosures [Abstract]
Fair Value Schedule	Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): Level March 26, December 25, Assets Cash surrender value of life insurance 2 $ 21,238 $ 19,887 Forward exchange contracts 2 164 16 Total assets at fair value $ 21,402 $ 19,903 Liabilities Contingent consideration 3 $ 9,913 $ 9,454 Deferred compensation 2 5,348 5,099 Total liabilities at fair value $ 15,261 $ 14,553

Segment Reporting Information -

Segment Reporting Information - Operations and Assets (Details) $ in Thousands	3 Months Ended
	Mar. 26, 2021USD ($)segment	Mar. 27, 2020USD ($)	Dec. 25, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Revenues	$ 454,129	$ 373,567
Operating Earnings	128,286	89,812
Total Assets	2,087,720		$ 1,988,128
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Revenues	184,732	158,684
Operating Earnings	65,243	50,233
Total Assets	626,256		632,165
Operating Segments | Process
Segment Reporting Information [Line Items]
Revenues	91,373	86,078
Operating Earnings	21,733	18,111
Total Assets	411,804		404,370
Operating Segments | Contractor
Segment Reporting Information [Line Items]
Revenues	178,024	128,805
Operating Earnings	48,166	28,630
Total Assets	459,715		438,067
Unallocated corporate
Segment Reporting Information [Line Items]
Operating Earnings	(6,856)	$ (7,162)
Total Assets	$ 589,945		$ 513,526

Segment Reporting Information_2

Segment Reporting Information - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Dec. 25, 2020
Geographic Information [Line Items]
Revenues	$ 454,129	$ 373,567
Long-lived Assets	360,370		$ 350,750
United States
Geographic Information [Line Items]
Revenues	231,501	198,243
Long-lived Assets	312,836		301,643
Other countries
Geographic Information [Line Items]
Revenues	222,628	$ 175,324
Long-lived Assets	$ 47,534		$ 49,107

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Earnings Per Share [Abstract]
Net earnings available to common shareholders	$ 105,687	$ 72,818
Weighted average shares outstanding for basic earnings per share	168,948	167,977
Dilutive effect of stock options computed using the treasury stock method and the average market price	4,900	4,665
Weighted average shares outstanding for diluted earnings per share	173,848	172,642
Basic earnings per share	$ 0.63	$ 0.43
Diluted earnings per share	$ 0.61	$ 0.42
Antidilutive securities excluded from the computation of diluted earnings per share	700	2,014

Share-Based Awards - Options Ac

Share-Based Awards - Options Activity and Outstanding (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 26, 2021	Dec. 25, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning (in shares)	10,208
Options granted (in shares)	700
Options exercised (in shares)	(448)
Options canceled (in shares)	(4)
Ending (in shares)	10,456
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning (dollars per share)	$ 35.02
Granted (dollars per share)	71.92
Exercised (dollars per share)	21.91
Canceled (dollars per share)	47.54
Ending (dollars per share)	$ 38.05
Options exercisable (in shares)	7,334	6,553
Weighted average exercise price of exercisable options (dollars per share)	$ 30.92	$ 28.02

Share-Based Awards - Options Fa

Share-Based Awards - Options Fair Value Inputs (Details) - Stock Option - $ / shares	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Fair Value Assumptions and Methodology [Abstract]
Expected life in years	7 years 6 months	7 years 6 months
Interest rate	0.90%	1.50%
Volatility	25.20%	21.70%
Dividend yield	1.00%	1.20%
Weighted average fair value per share (in dollars per share)	$ 17.66	$ 12.44

Share-Based Awards - ESPP Fair

Share-Based Awards - ESPP Fair Value Inputs (Details) - Employee Stock Purchase Plan - $ / shares	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	1 year	1 year
Interest rate	0.10%	1.50%
Volatility	40.10%	21.90%
Dividend yield	1.10%	1.40%
Weighted average fair value per share (in dollars per share)	$ 21.50	$ 11.55

Share-Based Awards - Narrative

Share-Based Awards - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 6.6	$ 6.3
Unrecognized compensation cost	$ 19.8
Weighted average recognition period	2 years 2 months 12 days
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan shares issued	310,000	400,000
Stock purchase plan discount from market value	15.00%

Retirement Benefits (Details)

Retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,721	$ 2,422
Interest cost	2,981	3,407
Expected return on assets	(5,130)	(4,750)
Amortization and other	2,551	2,721
Net periodic benefit cost	3,123	3,800
Postretirement Medical
Defined Benefit Plan Disclosure [Line Items]
Service cost	175	175
Interest cost	250	248
Amortization	250	177
Net periodic benefit cost	$ 675	$ 600

Shareholders' Equity - Changes

Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated other comprehensive income (loss)	$ (124,165)	$ (169,787)
Other comprehensive income (loss) before reclassifications	(10,470)	(4,677)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	2,636	2,134
Ending Accumulated other comprehensive income (loss)	(131,999)	(172,330)
Pension and Postretirement Medical
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated other comprehensive income (loss)	(114,129)	(113,721)
Other comprehensive income (loss) before reclassifications	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	2,636	2,134
Ending Accumulated other comprehensive income (loss)	(111,493)	(111,587)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated other comprehensive income (loss)	(10,036)	(56,066)
Other comprehensive income (loss) before reclassifications	(10,470)	(4,677)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Ending Accumulated other comprehensive income (loss)	$ (20,506)	$ (60,743)

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2021	Dec. 25, 2020
Credit Loss [Abstract]
Accounts Receivable, before Allowance for Credit Loss	$ 306,000	$ 302,000
Other Receivables	17,000	13,000
Balance, beginning	3,745	4,025
Additions (reversals) charged to costs and expenses	158	309
Deductions from reserves	(104)	(1,485)
Other additions (deductions)	(75)	896
Balance, ending	$ 3,724	$ 3,745

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 26, 2021	Dec. 25, 2020
Inventory, Net [Abstract]
Finished products and components	$ 149,906	$ 133,122
Products and components in various stages of completion	86,801	83,791
Raw materials and purchased components	136,969	129,319
Inventory gross	373,676	346,232
Reduction to LIFO cost	(62,031)	(60,528)
Total	$ 311,645	$ 285,704

Intangible Assets - Other Intan

Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 26, 2021	Dec. 25, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total Cost	$ 274,257	$ 274,080
Total Foreign Currency Translation	(10,098)	(6,354)
Finite Life
Accumulated amortization	(111,367)	(107,057)
Total Book Value	152,792	160,669
Trade Names
Indefinite Life
Cost	61,920	61,920
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss)	(1,812)	188
Book value	60,108	62,108
Customer Relationships
Finite Life
Cost	186,073	186,073
Accumulated amortization	(97,426)	(93,832)
Foreign currency translation	(7,625)	(6,004)
Book value	$ 81,022	$ 86,237
Weighted average life in years	13 years	13 years
Patents and Proprietary Technology
Finite Life
Cost	$ 25,364	$ 25,187
Accumulated amortization	(13,603)	(12,924)
Foreign currency translation	(661)	(538)
Book value	$ 11,100	$ 11,725
Weighted average life in years	10 years	10 years
Trademarks, Trade Names and Other
Finite Life
Cost	$ 900	$ 900
Accumulated amortization	(338)	(301)
Foreign currency translation	0	0
Book value	$ 562	$ 599
Weighted average life in years	5 years	5 years

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Mar. 26, 2021USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining estimated amortization expense 2021	$ 12,679
Estimated amortization expense 2022	16,796
Estimated amortization expense 2023	15,920
Estimated amortization expense 2024	14,245
Estimated amortization expense 2025	13,796
Estimated amortization expense thereafter	$ 19,248

Intangible Assets - Goodwill Ro

Intangible Assets - Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 26, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 347,603
Additions, adjustments from business acquisitions	0
Foreign currency translation	(4,593)
Ending balance	343,010
Industrial
Goodwill [Roll Forward]
Beginning balance	186,536
Additions, adjustments from business acquisitions	0
Foreign currency translation	(4,727)
Ending balance	181,809
Process
Goodwill [Roll Forward]
Beginning balance	141,513
Additions, adjustments from business acquisitions	0
Foreign currency translation	134
Ending balance	141,647
Contractor
Goodwill [Roll Forward]
Beginning balance	19,554
Additions, adjustments from business acquisitions	0
Foreign currency translation	0
Ending balance	$ 19,554

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 4.3	$ 4.1

Other Current Liabilities - Com

Other Current Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 26, 2021	Dec. 25, 2020
Other Current Liabilities Details [Abstract]
Accrued self-insurance retentions	$ 9,407	$ 8,041
Accrued warranty and service liabilities	13,426	13,082
Accrued trade promotions	9,419	12,140
Payable for employee stock purchases	3,001	14,554
Customer advances and deferred revenue	45,200	41,689
Income taxes payable	6,926	8,564
Right of return refund liability	16,630	16,303
Operating lease liability, current	9,353	11,178
Other	35,291	31,709
Total	$ 148,653	$ 157,260

Other Current Liabilities - Acc

Other Current Liabilities - Accrued Warranty Activity (Details) $ in Thousands	3 Months Ended
	Mar. 26, 2021USD ($)
Activity In Accrued Warranty And Service Liabilities Abstract
Balance, beginning of year	$ 13,082
Charged to expense	2,701
Margin on parts sales reversed	835
Reductions for claims settled	(3,192)
Balance, end of period	$ 13,426

Other Current Liabilities - Nar

Other Current Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 26, 2021	Mar. 27, 2020	Dec. 25, 2020
Accrued Liabilities, Current [Abstract]
Customer advances and deferred revenue	$ 45.2		$ 41.7
Contract with Customer, Liability, Revenue Recognized	$ 17.5	$ 11.3

Debt (Details)

Debt (Details) - Committed Facility [Member] $ in Millions	3 Months Ended
	Mar. 26, 2021USD ($)
Debt Disclosure [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	500
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	200
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 250
Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Disclosure [Abstract]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Disclosure [Abstract]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Line of Credit | Minimum | Revolving Credit Facility
Debt Disclosure [Abstract]
Debt Instrument, Basis Spread on Variable Rate	0.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.125%
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.125%
Line of Credit | Minimum | Revolving Credit Facility | Cash flow leverage ratio no acquisition
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	1.00
Line of Credit | Minimum | Revolving Credit Facility | Cash flow leverage ratio with acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	1.00
Line of Credit | Minimum | Revolving Credit Facility | Interest coverage ratio no acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	1.00
Line of Credit | Minimum | Revolving Credit Facility | Interest coverage ratio with acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	1.00
Line of Credit | Minimum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Disclosure [Abstract]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Line of Credit | Maximum | Revolving Credit Facility
Debt Disclosure [Abstract]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Line of Credit | Maximum | Revolving Credit Facility | Cash flow leverage ratio no acquisition
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	3.50
Line of Credit | Maximum | Revolving Credit Facility | Cash flow leverage ratio with acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	4.00
Line of Credit | Maximum | Revolving Credit Facility | Interest coverage ratio no acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	3.00
Line of Credit | Maximum | Revolving Credit Facility | Interest coverage ratio with acquisitions
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	2.50
Line of Credit | Maximum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Disclosure [Abstract]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 26, 2021	Dec. 25, 2020
Assets
Total assets at fair value	$ 21,402	$ 19,903
Liabilities
Total liabilities at fair value	15,261	14,553
Long term debt, fair value	165,000	170,000
Long term debt, carrying amount	150,000	150,000
Long term debt, fair value	165,000	170,000
Level 2
Assets
Cash surrender value of life insurance	21,238	19,887
Forward exchange contracts	164	16
Liabilities
Deferred compensation	5,348	5,099
Level 3
Liabilities
Contingent consideration	$ 9,913	$ 9,454